Choosing the Right Insurance Policy to Protect Your Income: Life Insurance, Disability Insurance, and More

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 2 November 2023

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Explore coverage options to protect your income in worst-case scenarios, such as life insurance and disability insurance. Hosts Sean Pyles and Liz Weston discuss the importance of insurance coverage, highlighting statistics around how many people are underinsured or lack adequate coverage. To dive deeper into different types of coverage, Liz welcomes Insurance Nerd Ryan Brady and John Ryan, founder and CEO of Ryan Insurance Strategy Consultants, to explain various types of insurance. In this episode, they talk about life insurance, accidental death and dismemberment insurance (AD&D) insurance, and disability insurance, and explore the nuances of employer-provided life insurance and supplemental insurance. Plus: the complexities of disability insurance, comparing short-term and long-term coverage, and the interplay between employer-provided disability insurance, individual disability insurance, workers' compensation, and Social Security. In their conversation, the Nerds discuss: life insurance, disability insurance, workplace benefits, financial needs, income protection, supplemental insurance, accidental death and dismemberment insurance (AD&D), disability coverage, short-term disability, long-term disability, employer-provided disability insurance, choosing an insurance policy, workers' compensation, Social Security, insurance complexities, income safeguards, accidental death insurance, dismemberment insurance, critical illness insurance, hospital indemnity coverage, and pre-existing conditions clauses. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. If you’re looking for an app to track all your money in one place, then check out the free NerdWallet app: https://nerdwallet.com/app Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Prime Video brings thrilling entertainment.
0:03.0	Watch Heavyweight Detective Breacher, Season 3 included with Prime.
0:07.0	Exactly how much danger is this job putting me in.
0:10.0	Treat yourself to the lovably chaotic Bridget Jones mad about the boy available to buy.
0:15.0	Did you have sex? Did you have sex?
0:17.0	Did you have sex last night?
0:19.0	Yes! And it was amazing!
0:23.0	Whatever you're into, it's right here.
0:25.3	Prime Video.
0:27.0	Click or tap the banner to find out more.
0:29.8	You never want it to happen.
0:32.0	The absolute worst.
0:34.0	You're injured, you get sick, or maybe you even die.
0:40.6	Your income is gone. That's what insurance is for, but there are so many kinds that sometimes it's hard to figure out what you need
0:45.9	and what you don't need. Most employers in the U.S. offer a limited amount of life insurance for
0:51.3	employees as part of workplace benefits. This coverage is usually what's known as basic group life insurance, and it's actually pretty
0:58.3	easy to get. To opt in, all you typically have to do is fill out a form and maybe meet any
1:02.7	eligibility requirements that your company has, such as working a minimum amount of hours per week.
1:24.7	Welcome to NerdWallet's Smart Money Podcast.
1:25.7	I'm Sean Piles.
1:27.1	And I'm Liz Weston. And today we have the second
1:29.0	episode of our nerdy deep dive into open enrollment. That time of year we all look forward to when
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from NerdWallet Personal Finance, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of NerdWallet Personal Finance and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.